Downtown lofts to become condos
Seven loft apartments created in a historic building on West First Avenue in Spokane will be converted into condominiums and sold in the spring.
The apartments were developed by attorney Steve Eugster, his two brothers, and his business partner, Al Blalock. They renovated the Minnesota building, at 423 W. First Ave., in 1994, and the Oakley building next door is in the final stages of renovation.
They’re converting the upper floors into lofts and the ground floors into commercial or residential space, also for sale as condominiums.
The seven residents who lease the loft apartments in the Oakley will have the right of first refusal to buy them when they are converted into condominiums, Eugster said. Most of the lofts are in the 700- to 800-square foot range and will be offered for sale for around $200,000.
Spokane
New York firm joins Big Easy
The success of the Big Easy Concert House venues in Spokane and Boise has earned the attention and money of a New York-based entertainment firm.
Knitting Factory Entertainment announced it was buying a majority interest in Big Easy owner Bravo Entertainment for an undisclosed sum.
Jared Hoffman, CEO of Knitting Factory, said the two companies would have revenues in excess of $22 million this year. Bravo will continue to operate under the direction of Paul Thornton.
The money from the Knitting Factory will be used to potentially open several new venues in the mold of the Big Easy within months, though Hoffman declined to identify cities or even regions.
Spokane
Gonzaga program seeking director
Gonzaga University announced Monday that it’s searching nationwide for a director to head its Hogan Entrepreneurial Leadership Program.
Founded in 2000, the program enrolls students from any major and helps them develop skills in business management.
The school, along with Eastern Washington University and Whitworth College, sponsors an annual entrepreneurial competition.
Founding Director Paul Buller will take on direction of the Hogan program’s academic areas and “care and nurturing of students.”
Expected to take over on Aug. 1, the new program director will be in charge of overall direction including fund development, marketing and public relations.
Coeur d’Alene
Hecla Mining sells Alamos shares
Hecla Mining Co. sold its shares of a Canadian mining firm Monday for $57 million in cash.
Hecla bought shares in Alamos Gold Inc. in late 2004 and 2005, based in its interest in a gold property that Alamos is developing in Sonora, Mexico. The stock rose in value over time, and Hecla decided to cash-out its interest, said Phil Baker, Hecla’s president and chief executive officer.
Hecla received a $36 million gain on the sale, which will strengthen the company’s balance sheet, Baker said.